Selling a Home in Pre-Foreclosure in Lake St. Louis, MO
Selling a home in pre-foreclosure in Lake St. Louis, MO. if your home is about to be foreclosed on, you do have options. Evervest Home Buyers is an as-is property-buying company that purchases Lake St. Louis, MO homes in foreclosure. Our team is amiable and nonjudgmental. We can offer you an estimate right when you upload pictures, have a full offer for you once we do our own inspection, and close in as little as month – before the bank officially foreclosures on your home. Speak to a representative at (314) 730-0366 or get your offer online to start the process of getting out from under the bank’s thumb today. Depending on how much you owe, you may even be able to have some cash left over.
The Pre-Foreclosure Process in Lake St. Louis, MO
Pre-foreclosure begins when you first miss a payment, and ends when your lender takes official action. It is a five-step process:
- Payment default — Payment default begins when you’ve missed paying one month of your mortgage. After each of the first two missed payments, your bank will likely reach out with a letter or phone call. If you’ve only missed a month or two, you may be able to work something out with the lender to catch up on payments. Federal law requires lenders to offer you an opportunity to catch up before proceeding to foreclosure.
- Notice of default — After 90 days of missed payments, you’ll receive a demand letter, notifying you of how much you owe and informing you that, to avoid foreclosure, you must bring the mortgage up to date within 30 days. Federal law stipulates that lenders must wait 120 days from the first missed payment to start official action.
- The lender officially begins foreclosure — If, after that period has ended you haven’t caught up, the lender will begin either a judicial foreclosure or a nonjudicial foreclosure. In a judicial foreclosure, the lender sue you in civil court. In a nonjudicial foreclosure, you won’t have any official court proceedings, but they must abide by the regulations in by Missouri law.
- Sale of the home — In either case, the property will will be sold in a public option. The lender will set a minimum bid taking into account how much the home is worth, the debt that remains unpaid, and any court costs or unpaid taxes.
- Eviction — Once the property has a new owner, you’ll have a three to 30 day period to move out. If you remain in the home, the new owner can file an eviction lawsuit in court.
While the foreclosure process is not kind, you do have options before the bank takes your home from you.
How to Stop Foreclosure in Lake St. Louis, MO
Below are the main ways you can deal with pre-foreclosure or foreclosure in Lake St. Louis, MO:
Reinstate the Loan
Reinstating a loan generally involves paying off the late payments and any other penalties or fees. Once you have paid off all the past due amounts, the loan is considered to be current again and you can continue making regular payments as outlined in the loan agreement.
It’s important to note. If you are unable to maintain the payments. You could consider taking out a loan with a different lender, but the interest rates will likely be high, and then you’ll have two monthly loans to stay current on.
Deed in Lieu of Foreclosure
In a “deed in lieu,” you can give your home to the lender, in return they will discharge your obligation to pay the mortgage. Your credit score would not take a hit, and it allows the lender to avoid the time and expense of the foreclosure process. The lender can then sell the property, or keep it as a rental property, but you would still be evicted.
The goal of bankruptcy is to provide a fresh start for you by either eliminating or reducing your debt. If you go the bankruptcy route, you’ll still have to pay off your debt, but you’ll have more time to and will have a different payment plan. There are two types of bankruptcy you can file:
Chapter 7 Bankruptcy
If you choose Chapter 7 bankruptcy, you will not be required to pay off the rest of your mortgage if the lender completes foreclosure, and you can remain in the home during the process for free. The goal of this is to give you a few more months to plan your future.
Chapter 13 Bankruptcy
If you file for Chapter 13 bankruptcy, you may be able to keep your house. You’ll have to stick to a payment plan – under supervision of a court-appointed trustee – that allows you to pay off your debt in three or five years.
There are many reasons that bankruptcy may not be a good choice. First, you’ll need to show that you are eligible for it, and all your debts, expenses, and income will be analyzed. You’ll also have to pay many court costs and fees for bankruptcy lawyers. If you’re already struggling with money, bankruptcy still may be too expensive.
Sell Your Home in Pre-Foreclosure
Another possibility is to sell your home and pay off the remainder of your mortgage with the funds you get from the sale. There are two different types of sales for a pre-foreclosure home:
- Short sale — If a prospective buyer makes an offer on your Lake St. Louis, MO home, the lender is required to consider it. In a short sale, the offer on your Lake St. Louis, MO home in pre-foreclosure is less than the amount you owe. A short sale can only happen if the lender agrees. In some cases, the bank may believe the short sale offer is more than they’ll get at auction. A short sale can negatively impact your credit score, but not to the extent that a foreclosure does.
- Traditional sale — If your home is worth more than your remaining mortgage, you can simply sell your home to an interested buyer, pay off your debt with the money from the sale, and keep the rest for new housing.
You can choose to hire a real estate agent to sell your home in pre-foreclosure, but the foreclosure process takes between 45 and 60 days. According to data from the St. Louis Federal Reserve, it takes an average of 50 days to find a buyer and 50 days to close, and that doesn’t include the repairs and upgrades most traditional buyers will want you to make. If you’re in pre-foreclosure, selling to an as-is, cash home buyer may be your best option. Once you accept our offer, we can close as quickly as you need us to.
Selling Your Home in Pre-Foreclosure to Our Lake St. Louis, MO Cash Home Buyers
Evervest Home Buyers buys homes with all cash offers, and strive to give Lake St. Louis, MO residents a hassle-free home selling experience. We buy all types of properties, from houses in probate to homes with asbestos.
We purchase homes “as-is,” which means that homeowners do not have to make costly renovations to the property in order to sell it. You also don’t have to do open houses and wait to find a buyer. We can help you in selling your home in pre-foreclosure by:
- Giving our best possible offer quickly — If you send us pictures of your home, we can give you an estimate within an hour. In the following days, one of our buyers will do their own inspection. You don’t even have to sweep, mop, or vacuum before we show up. We always strive to offer as much as we can for a home in Lake St. Louis, MO while still seeing it as an investment for ourselves.
- Making the home selling experience stress-free — We understand that your Lake St. Louis, MO home being in pre-foreclosure is a trying time, and you may not want to leave your home. We’ll make everything as simple as we can so you don’t experience any additional stress. We differ from other cash home buying companies we have no contingences in our contract. We’ll show you proof of funds so you can feel at ease.
- Getting you money fast — While banks prefer not having to go through the foreclosure process, they’re not going to wait around to collect their debt. When you sell to Evervest, you will sell your house fast. You don’t have to deal with or wait around for third parties. As licensed real estate brokers, we can perform the closing ourselves, usually within 30 days if not sooner.
- Saving your credit score — Having a home in pre-foreclosure won’t effect your credit score. However, if your house is foreclosed on, it has a huge negative impact on your credit score, that won’t go away for 7 years. While selling to us won’t allow you to keep your home, we can save you from the financial perils of foreclosure.
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Selling Your Lake St. Louis, MO Home in Pre-Foreclosure | Evervest Home Buyers
No one likes foreclosure – not even mortgage companies. Selling your home in pre-foreclosure is often the best option for both you and your mortgage lender. Our buyers are personable and discreet, and can help you get out from under your debt and save your credit score. We’ll make a fair cash offer on the property, close on the deal fast, and help you with the legal and financial aspects of the sale. If your Lake St. Louis, MO home is in pre-foreclosure, call Evervest Home Buyers today at (314) 730-0366 or tell us about your property online.